Navigating the Pivot: What the Supreme Court’s Tariff Ruling Means for Real Estate Development
In the world of real estate development, we often talk about "pivoting"—adjusting a project’s scope or financing when the market shifts. This past week, we saw a macro-level pivot of historic proportions. On February 20, 2026, the Supreme Court delivered a landmark 6-3 decision striking down the administration's "reciprocal tariffs" that were originally imposed under the International Emergency Economic Powers Act (IEEPA). For those of us tracking construction costs and material lead times, the news was a momentary breath of fresh air—immediately followed by a new set of variables. The Court’s Decision and the Immediate Response The Supreme Court ruled that the executive branch overstepped its authority by using the IEEPA to impose the "Liberation Day" tariffs. This involves roughly $170 billion in revenue collected through February 20. While Justice Brett Kavanaugh noted in his dissent that the refund process for these billions is likely to be a ...